The winter program started in early February 2010 at the Takom Zone, where seven holes totaling 2,330.5 m were completed; encouraging results from this program were reported in a news release dated April 21, 2010. The drilling has since progressed to the Deerhorn Zone where 9 new holes totaling 2,723.4 m were completed. Drilling is currently in progress on the Spellbound area, located approximately 1,500 m to the southeast of the Deerhorn Zone. Four to five drill holes are planned to test this area, where there has been no previous drilling.
In 2008, the WJV discovered significant gold-copper mineralization in the drilling of the first two holes completed in the geophysical anomaly. Follow-up drilling, consisting of three holes totaling 993.6 m in 2009 by Gold Fields, provided additional encouragement, including an assay interval of 89.5 m grading 1.16g/t Au and 0.26% Cu in drill hole DH09-03. Assay results for the 9 new holes completed in 2010 are reported in the table below:
|Hole ID*||From (m)*||To (m)*||Int. (m)*||Au g/t||Cu %||Au Eq. g/t*|
* Intervals are core lengths; Au Equivalent in g/t calculated using US$950/oz gold, US$2.50/lb copper and the formula: ((%Cu x 22 x Price Cu/lb) + (g/t Au x 0.029166 x Price Au/oz))/(Price Gold/oz x 0.029166). Metallurgical recoveries and net smelter returns are not considered.
The highlight drill intersection (DH10-09) was a 90.8 m section grading 0.58g/t Au and 0.39% Cu, including a higher-grade intercept of 30.4 m grading 1.10g/t Au and 0.72% Cu. Hole DH10-05 was lost at 194.0 m, while still in mineralization. Holes DH10-07 and DH10-12 did not intersect significant mineralization.
The best gold and copper-bearing zones are intimately associated with a monzonite porphyry intrusion and to a lesser extent with its volcaniclastic equivalents. Mineralization is associated with disseminated, and fracture-controlled chalcopyrite and minor bornite, which may also occur in a sheeted vein quartz stockwork within the monzonite. The ratio of hematite to magnetite varies across the mineralized zones, which may vector into additional target areas not associated with magnetic highs. Potassic and silica alterations are intense and zones of tourmaline alteration and brecciation have been noted. To date, gold-copper mineralization has been traced over a strike length of approximately 700 m in an upper zone. A lower zone is also recognized, which has an undefined geometry.
The management of Cariboo Rose and Fjordland are encouraged by these recent results, as drilling continues to demonstrate high potential in what is now clearly a large cluster of mineralized intrusions throughout an area of at least 20 square km, covering only a small portion of the property explored to date. Tom Schroeter, President of Fjordland commented: “The significant interval of gold and copper mineralization encountered in drill hole DH10-09 is very encouraging. We look forward to further drilling results from Gold Fields in this zone.”
Gold Fields has an option to earn up to a 70% interest in the Woodjam North Property by spending $19 million in exploration over 7 years (see July 30, 2009 News Release for details). Gold Fields budgeted approximately $3 million for the first-year work program, including drill testing, IP geophysical surveying, soil geochemical and high resolution airborne geophysical surveying on the 40,750-hectare property.
Fjordland, Cariboo Rose and Gold Fields are also working towards completion of the Woodjam South Agreement (see January 15, 2010 News Release for details) and commencement of an extensive exploration program on this significant copper-gold-molybdenum property. The best assay result from previous drilling on the Southeast Zone is 200.76 m grading 1.01% Cu and 0.44 g/t Au.
G. L. Garratt, P.Geo., who is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release. Gold Fields, as operator of the exploration program, has quality assurance and quality control procedures in place.
Glen Garratt, P.Geo, Director.
Cariboo Rose Resources Ltd.
Paul Way, Business Development Manager
Phone: (604) 681-7913, Toll Free: 888-656-6611; email: firstname.lastname@example.org
About Cariboo Rose Resources Limited
Cariboo Rose Resources Limited is a Canadian public resource company that trades on the TSX - Venture exchange under the symbol CRB. Cariboo Rose has six gold, copper and molybdenum exploration projects in Western Canada. Cariboo Rose Resources Ltd. (40%) and Fjordland Exploration Inc. (60%) comprise the Woodjam Joint Venture. Gold Fields Horsefly Exploration Corporation, a member of the Gold Fields Limited group of companies, may earn up to a 70% interest in the 40,750-hectare Woodjam North gold-copper property by spending $19 million on exploration over 7 years; a $3 million exploration program is currently in progress. The Woodjam Joint Venture also owns the 13,807 hectare Woodjam South property which adjoins the Woodjam North property. For more information please visit the Company’s website at www.cariboorose.com.
About Gold Fields Limited
Gold Fields is one of the world’s largest unhedged producers of gold with attributable production of 3.6 million ounces* per annum from nine operating mines in South Africa, Ghana, Australia and Peru. Gold Fields also has an extensive growth pipeline with both greenfields and near mine exploration projects at various stages of development. Gold Fields has total attributable Mineral Reserves of 81 million ounces and Mineral Resources of 271 million ounces.
*Based on the annualized run rate for the first quarter of F2010.
The TSX - Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain certain “Forward-Looking Statements” within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time with the TSX - Venture Exchange, the British Columbia Securities Commission and the US